North Carolina SB 709: Adopt Rhododendron as State Shrub.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
S 1
SENATE BILL 709

Short Title: 2025 State Investment Modernization Act.-AB (Public)
Sponsors: Senators Hise, Craven, and Lee (Primary Sponsors).
Referred to: Rules and Operations of the Senate
March 26, 2025
*S709-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO ENACT THE 2025 STATE INVESTMENT MODERNIZATION ACT, AS 2
RECOMMENDED BY THE STATE TREASURER. 3
The General Assembly of North Carolina enacts: 4
5
PART I. TECHNICAL REORGANIZATION OF ARTICLE 6 OF CHAPTER 147 OF 6
THE GENERAL STATUTES 7
SECTION 1.1. Article 6 of Chapter 147 of the General Statutes is amended to add 8
the following new Parts: 9
(1) Part 1, to be entitled "General" and consisting of G.S. 147-65 through 10
G.S. 147-69. 11
(2) Part 2, to be entitled "Investments and Funds" and consisting of G.S. 147-69.1 12
through G.S. 147-69.7. 13
(3) Part 3, to be entitled "Reports and Audits" and consisting of G.S. 147-69.8 14
through G.S. 147-69.70. 15
(4) Part 4, to be entitled "North Carolina Investment Authority" and consisting of 16
G.S. 147-70.1 through G.S. 147-73.2. 17
(5) Part 5, to be entitled "Department Bookkeeping and Deposits" and consisting 18
of G.S. 147-74 through G.S. 147-86.2. 19
SECTION 1.2.(a) G.S. 147-65 is recodified as G.S. 147-65.2. 20
SECTION 1.2.(b) G.S. 147-69.3A is recodified as G.S. 147-67.1. 21
SECTION 1.2.(c) G.S. 147-69.11 is recodified as G.S. 147-73.2. 22
SECTION 1.2.(d) G.S. 147-69.7 is recodified as G.S. 147-70.6. 23
SECTION 1.2.(e) G.S. 147-70 is recodified as G.S. 147-68.3. 24
SECTION 1.2.(f) G.S. 147-71 is recodified as G.S. 147-68.4. 25
SECTION 1.2.(g) G.S. 147-72 is repealed. 26
SECTION 1.2.(h) G.S. 147-73 is repealed. 27
SECTION 1.2.(i) G.S. 147-75 is recodified as G.S. 147-66.2. 28
SECTION 1.2.(j) G.S. 147-75.1 is recodified as G.S. 147-68.5. 29
SECTION 1.2.(k) G.S. 147-86.2 is recodified as G.S. 147-68.6. 30
SECTION 1.3. Subsection (i2) of G.S. 147-69.3 is recodified as subsection (b) of 31
G.S. 147-65.2, as created by Section 1.2(a) of this Part. 32
SECTION 1.4. This Part is effective when it becomes law. 33
34
PART II. CREATION OF THE NORTH CAROLINA INVESTMENT AUTHORITY 35

General Assembly Of North Carolina Session 2025
Page 2 Senate Bill 709-First Edition
SECTION 2.1. Part 1 of Article 6 of Chapter 147 of the General Statutes, as created 1
and amended by Part I of this act, is amended by adding a new section to read: 2
"§ 147-65.1. Definitions. 3
The following definitions apply in this Article: 4
(1) Board of Directors. – The Board of Directors of the North Carolina Investment 5
Authority. 6
(2) Chief Investment Officer or CIO. – The Chief Investment Officer of the 7
Investment Authority. 8
(3) Department. – The Department of State Treasurer. 9
(4) Escheats Fund. – The Escheats Fund established under Article 1A of Chapter 10
116B of the General Statutes. 11
(5) Investment Authority. – The North Carolina Investment Authority, 12
established under Part 4 of this Article. 13
(6) Reserved for future codification purposes. 14
(7) Retirement Systems. – This term includes all of the following retirement 15
systems: 16
a. The Teachers' and State Employees' Retirement System, established 17
under Article 1 of Chapter 135 of the General Statutes. 18
b. The Consolidated Judicial Retirement System, established under 19
Article 4 of Chapter 135 of the General Statutes. 20
c. The North Carolina Firefighters' and Rescue Workers' Pension Fund, 21
established under Article 86 of Chapter 58 of the General Statutes. 22
d. The Local Governmental Employees' Retirement System, established 23
under Article 3 of Chapter 128 of the General Statutes. 24
e. The Legislative Retirement System of North Carolina, established 25
under Article 1A of Chapter 120 of the General Statutes. 26
f. The North Carolina National Guard Pension Fund, established under 27
Article 3 of Chapter 127A of the General Statutes. 28
g. The Registers of Deeds' Supplemental Pension Fund, established 29
under Article 3 of Chapter 161 of the General Statutes. 30
h. The Retiree Health Benefit Fund, established under G.S. 135-7(f). 31
i. The North Carolina Teachers' and State Employees' Benefit Trust, 32
established under G.S. 135-7(g). 33
(8) Treasurer. – The State Treasurer." 34
SECTION 2.2. Part 4 of Article 6 of Chapter 147 of the General Statutes, as created 35
and amended by Part I of this act, reads as rewritten: 36
"Part 4. North Carolina Investment Authority. 37
"§ 147-70.1. Creation of Investment Authority. 38
(a) Creation. – The North Carolina Investment Authority is created as a body corporate 39
and politic having the powers and jurisdiction as provided under this Article or any other law. 40
The Investment Authority is a State agency for the performance of essential governmental and 41
public functions. The Investment Authority is located within, but independent from the control 42
of, the Department of State Treasurer. The Investment Authority shall have perpetual succession. 43
(b) Independence. – The Inves